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Investors Cash In as Sunovion Acquires Elevation Pharmaceuticals

VentureWire ,

Timothy Hay,

August 30, 2012,

(c) 2012 Dow Jones & Company, Inc.

Investors in Elevation Pharmaceuticals Inc., a company that brings together generic drugs and an aerosol delivery gadget to treat emphysema patients, are celebrating as publicly held Sunovion Pharmaceuticals Inc. acquires the company for $100 million in upfront cash and up to $330 million in milestone payments.

Canaan Partners, which made its first investment in San Diego-based Elevation in 2009, stands to see a return of nearly 10 times its investment if the full value of the deal is realized, said Brent Ahrens, a Canaan general partner and Elevation board member....